A Brief History of Internet Banking

The main purpose that banks have been serving since their inception is keeping our money safe for us. While keeping our money safe, they also let us earn a certain amount of interest on the money deposited with them. Traditional banks have been doing this, and internet banks continue the same function. The only difference is in the way the transactions are made.

Online banking has been around for quite a few years. In fact, it was introduced in the 1980s and has come a long way since then. The last decade has seen a profuse growth in internet banking transactions. Several pieces of legislation have also been introduced in this area.

Though it began in the 1980s, it was only in the mid nineties that internet banking really caught on. What attracts customers to internet banking is the round the clock availability and ease of transactions. Studies estimate that internet banking still has a long way to go. There are several banks that have customers who prefer banking in the traditional ways. Statistics released by the FDIC show that only 40% of the banks in the U.S. offer internet banking facilities worth mentioning. All the others may have an online presence but do not have enough online transactions to justify their presence on the internet.

Some customers have been known to turn to internet banking due to dissatisfaction with standard procedures and practices. The total absence of human interaction appeals to some people. Some customers turn to internet banking facilities for security reasons. This is mainly because of customers being assured of banks’ ability to keep transactions safe and secured.

Most online transactions are made using the Internet Explorer interface. The Internet Explorer has been around for more than ten years now.

Let The St George Internet Banking Service Come Marching In

With the internet and a boom in the use and ownership of computers, laptops and smart phones the banking industry has gone out of their way to take advantage of this technology while at the same time incorporating their banking services into one package. Gone are the days of sending your payments in the mail where there is a chance it can get lost or arrive late due to unforeseen delays in the delivery.

Internet banking or online banking incorporates computer technology with the internet to give consumers such as yourself the ability to bypass those time consuming aspects of traditional brick-and-mortar banking.

With the St.George internet banking service you are able to get complete control of your financial accounts with the convenience of being able to transact banking business at any time and from anywhere you have internet access – dress code optional. What this means is that you can check balances, transfer funds or pay your bills even if you’re a couple of hundred miles away and you don’t have to worry about postage.

If you’re an environmentalist then you’re going to love this feature of the St.George internet banking service – electronic statements. Instead of getting a paper statement in the mail you get an email alert whenever an electronic statement is ready for you to view. And because it’s posted instantaneously you don’t have to wait for it to arrive like you would a paper statement. And it’s good for the environment too because no paper is used so no trees were cut down for it.

And because it’s electronic it’s stored in the St.George banking database where you can keep two years worth of statements and view them at any time. If you like you can even keep a copy in your computer so you can print it out anytime. You can opt back in to the paper statement at any time but once you’ve tried the electronic statements I doubt you’ll be going back to paper.

Another feature of the St.George internet banking service and one which all busy people would like is the BPAY or electronic payment system. No longer would you have to write out a check, find an envelope, stick a postage stamp and go to the post office. With BPAY you can pay your phone bills, utilities, credit cards, and much more from the convenience of your own home and with the click of a button almost at no time at all. That’s over 15,000 BPAY billers with just a few clicks of your mouse button. And with the recurring payment option you can set up regular payments be it daily, weekly or monthly for up to 24 months in advance. That’s less things for you to worry about.

With the St.George internet banking service you get 24/7 banking convenience with the security of their advanced banking technology that’s committed to your safety in doing online transactions. And as a bonus when you do internet banking you also save time and minimize banking fees. Is that an incentive or what!

Internet Banking

Internet banking refers to banking operations carried out between banks and their clients through Internet. It is also commonly known as online banking. Internet banking helps in expediting banking operations, reducing the cost and ensuring that you can utilize various banking services in your living room or even while traveling thousands of miles away from your home.

The process of Internet banking begins with every customer being given a unique user name and password by a particular bank. The customer can log on to the bank’s Web site and use this user name and password to access his or her bank account. Then he or she can give instructions online to the bank regarding any particular transaction.

All major banks provide the option of Internet banking to their customers. The banks keep a record of all online transactions. Though Internet banking is fast becoming the most popular mode of banking, there are certain security issues which still remain to be tackled. Though most of the banks claim that their Web sites have enough firewalls to prevent unauthorized access to anyone’s account, hackers have shown this claim to be false more than once.

There is always the possibility that you didn’t log out from your bank’s Web site according to the set procedure, as you were in a hurry while working on a public computer or over a non-secured wireless connection. This could have serious consequences, as someone else could misuse your account.

One important safety precaution is to keep changing the password at regular intervals. For safety purposes, it is better to memorize your user name and password than write it on a piece of paper. If you have forgotten or lost your password, call your bank immediately. They will either help you to retrieve your old password or give you a new password.